Here are some of the highlights of the federal government budget introduced today by Finance Minister Jim Flaherty.
– promises 17.6 billion dollars over five years in spending restraint in areas including foreign aid and defence.
– comprehensive review of government programs to save 6..8 billion dollars over five years.
– program spending increases by 11.4 billion to 249.2 billion dollars in 2010-11, but falls by $7.8 billion the following year.
– deficit falls from 53.8 billion dollars for year ending in April to 49.2 billion dollars in 2010-11.
– eliminates tariffs on manufacturing equipment by 2015.
– continues corporate tax cuts started last year.
– eliminates medical tax credit for cosmetic surgery unless recommended by a doctor, effective immediately.
– freeze on EI premium rate continues until the end of 2010.
– 3.2 billion dollars in personal income tax relief, largely through raising of the basic personal tax exemption, announced in last year’s budget.
– 7.7 billion dollars in promised stimulus money for infrastructure.
– 4 billion dollars for to continue extended EI benefits and training.